How To Manage A Revised Return For ITR Refund?

The steps and ways to file a revised return are simple, but it’s important to stay abreast of the updates. Read on to know more.

File A Revised Return

Taxpayers may always make errors while electronically filing their ITR. However, to minimise such errors, individuals should double-check all entered data, utilise the pre-fill facility, choose the appropriate ITR form, and stay informed about ITR refund updates.

  • What is the deadline to file a revised return for an ITR refund?
  • Understanding the steps to follow while filing a revised return online.
  • The importance of e-verification when it comes to revised returns.

Also Read: Top 6 Mistakes To Avoid When Filing ITR

Can a revised return be filed after an ITR refund?

Tax experts opine that if the deadline for filing income tax returns has not passed, individuals can submit a revised return even after receiving a tax refund. As per Section 139 (5) of the Income Tax Act, 1961, anyone who identifies any omissions or errors in their original return is allowed to file a revised return. 

The revised return can be filed either up to 3 months before the end of the Assessment Year or before the completion of the assessment, whichever occurs earlier. 

If the original return was filed manually or in paper format, it cannot be revised using electronic mode. However, according to ITR refund latest updates, individuals have the option to file a revised return online under section 139(5) of the Income Tax Act.

ITR Refund: Steps to file revised return

  • Go to the official e-filing website of the Income Tax Department.
  • Log in to your account using your user ID (PAN No.) and password on the homepage.
  • Inside your account, click on 'E-File' and then choose 'Income Tax Returns'.
  • On the 'Income Tax Return' page, select the relevant Assessment Year and choose the online mode of filing.
  • Select your filing status to proceed.
  • Choose the correct form type for your revised return, which may be different from the ITR form you originally filed.
  • The online ITR form will open. Fill in the correct details, correct any errors that were made in the original return, and file the return as you did for the original one.
  • After filing, you must e-verify your revised income tax return within 30 days. 

Also Read: What Are Differences Between Revised, Belated & Updated ITR?

Is E-Verification of revised return important?

When filing a revised return, it is essential to e-verify it, just as required for the original return. While the Income Tax department allows taxpayers to correct mistakes at various stages, it is crucial to take certain precautions. Revising a return incurs no penalty other than the interest on non-paid advance tax and self-assessment tax.

The key to an ITR refund is to stay updated with the latest news. With these simple steps and information, you can easily file a revised return. The critical part, however, is to know the steps and deadlines.

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